In today's digital age, online banks have revolutionized the way we handle our finances. With convenient features like mobile banking, fee-free checking accounts, and high-interest savings options, online banks have become a popular choice for many individuals seeking flexibility and control over their financial lives. Chime, one of the leading online banks, has gained significant popularity due to its user-friendly interface and innovative features. However, if you're looking for alternative options to Chime, there are other online banks that offer similar benefits. In this article, we will explore 10 online banks like Chime and help you determine which one is best suited for your needs.
1. Ally Bank
Overview
Ally Bank is a well-established online bank that offers a wide range of financial products and services. With no monthly maintenance fees and competitive interest rates, Ally Bank provides an attractive alternative to traditional brick-and-mortar banks. It offers various checking and savings account options, including a high-yield savings account that allows you to earn more on your savings.
Features and Benefits
- No monthly maintenance fees
- High-yield savings account with competitive interest rates
- Free ATM access at over 43,000 Allpoint ATMs
- Mobile banking app with intuitive interface
- 24/7 customer support
- FDIC-insured up to $250,000
Why Choose Ally Bank?
Ally Bank stands out for its highly rated customer service and robust online banking tools. If you value excellent customer support and a wide range of financial products, Ally Bank may be the ideal choice for you.
2. Varo Bank
Overview
Varo Bank is a fully digital bank that aims to help customers achieve financial stability and build wealth. With Varo, you can open a checking account and enjoy various features such as Early Direct Deposit, no minimum balance requirement, and no monthly maintenance fees. Additionally, Varo offers a savings account with a competitive APY to help you grow your savings.
Features and Benefits
- No monthly maintenance fees
- Early Direct Deposit
- No minimum balance requirement
- High APY on savings account
- Fee-free overdraft protection
- Mobile banking app with budgeting tools
Why Choose Varo Bank?
Varo Bank is an excellent choice for individuals who prioritize financial stability and want to take advantage of useful budgeting tools. With no monthly fees and early access to your paycheck, Varo Bank offers convenience and flexibility.
3. Capital One 360
Overview
Capital One 360 is an online banking division of Capital One, one of the largest banks in the United States. It offers a range of banking products, including checking accounts, savings accounts, and CDs. Capital One 360 is known for its user-friendly interface, competitive interest rates, and innovative features.
Features and Benefits
- No monthly maintenance fees
- Competitive interest rates on savings accounts
- Free ATM access at over 39,000 Capital One and Allpoint ATMs
- Mobile banking app with check deposit feature
- Financial goal setting tools
- FDIC-insured up to $250,000
Why Choose Capital One 360?
Capital One 360 is an excellent option for individuals who are seeking a well-established online bank with a broad range of financial products. If you appreciate a user-friendly interface and competitive interest rates, Capital One 360 may be the right choice for you.
4. Simple
Overview
Simple is an online bank that aims to make banking, well, simple. With a modern and intuitive mobile app, Simple provides an easy-to-use platform for managing your finances. It offers a fee-free checking account, budgeting tools, and a competitive APY on its Protected Goals savings account.
Features and Benefits
- No monthly maintenance fees
- Fee-free checking account
- Protected Goals savings account with competitive APY
- Budgeting tools to track expenses
- Real-time transaction notifications
- 24/7 customer support
Why Choose Simple?
If you prioritize simplicity and want an intuitive mobile banking app, Simple might be the best option for you. With its fee-free accounts and user-friendly budgeting tools, Simple simplifies your financial management.
5. Marcus by Goldman Sachs
Overview
Marcus by Goldman Sachs is an online bank that offers high-yield savings accounts and personal loans. With competitive interest rates and no fees, Marcus aims to provide customers with an attractive alternative to traditional banks. Marcus also offers CDs and a digital-only savings account.
Features and Benefits
- No monthly maintenance fees
- High-yield savings accounts with competitive interest rates
- No minimum deposit requirement
- CDs with fixed interest rates and various term options
- Access to personal loans
- 24/7 customer support
Why Choose Marcus by Goldman Sachs?
If you prioritize earning high interest on your savings and value access to personal loans, Marcus by Goldman Sachs may be the perfect choice for you. With its reputation as a trusted financial institution, Marcus provides customers with a reliable and secure online banking experience.
6. Discover Bank
Overview
Discover Bank is an online bank that offers a range of financial products, including checking accounts, savings accounts, CDs, and credit cards. Discover Bank is known for its reliable customer service, competitive interest rates, and cashback rewards on its credit cards.
Features and Benefits
- No monthly maintenance fees
- Competitive interest rates on savings accounts
- Cashback rewards on credit card purchases
- Free ATM access at over 60,000 ATMs nationwide
- 24/7 customer support
- FDIC-insured up to $250,000
Why Choose Discover Bank?
Discover Bank is an excellent choice if you want a one-stop solution for all your banking needs. With a range of financial products, including credit cards with cashback rewards, Discover Bank allows you to consolidate your finances and earn rewards simultaneously.
7. Synchrony Bank
Overview
Synchrony Bank is an online bank that specializes in high-yield savings accounts. With competitive interest rates and no monthly fees, Synchrony Bank provides a simple yet effective way to grow your savings. It also offers CDs and individual retirement accounts (IRAs) for long-term saving goals.
Features and Benefits
- No monthly maintenance fees
- High-yield savings account with competitive interest rates
- CDs with various term options
- IRAs for long-term saving goals
- ATM card for easy access to funds
- 24/7 customer support
Why Choose Synchrony Bank?
If you are focused on maximizing your savings and want a specialized bank that offers high-yield savings accounts, Synchrony Bank might be the ideal choice for you. With its competitive interest rates and range of savings options, Synchrony Bank helps you reach your financial goals faster.
8. Axos Bank
Overview
Axos Bank is an online bank that provides a range of financial products and services, including checking accounts, savings accounts, and loans. Axos Bank offers competitive interest rates, fee-free accounts, and a suite of digital banking tools to enhance your banking experience.
Features and Benefits
- No monthly maintenance fees
- Competitive interest rates on checking and savings accounts
- Cashback rewards on debit card purchases
- Fee-free overdraft protection
- Personal and business banking options
- FDIC-insured up to $250,000
Why Choose Axos Bank?
Axos Bank stands out for its cashback rewards on debit card purchases and its suite of digital banking tools. If you want to earn rewards on your everyday spending and enjoy an array of online banking features, Axos Bank could be the best fit for you.
9. SoFi Money
Overview
SoFi Money is an online cash management account offered by SoFi, a financial technology company. It combines the features of a high-yield savings account and a checking account, providing users with a comprehensive solution for their everyday financial needs. SoFi Money aims to help individuals achieve financial independence.
Features and Benefits
- No monthly maintenance fees
- High-yield savings account with competitive interest rates
- No ATM fees at select ATMs worldwide
- Reimbursement for third-party ATM fees
- Automated savings tools
- Mobile banking app with easy-to-use interface
Why Choose SoFi Money?
SoFi Money is an excellent choice if you want a simple and convenient way to manage your finances. With the combined benefits of a high-yield savings account and a checking account, SoFi Money provides a well-rounded solution for your everyday banking needs.
10. Aspiration
Overview
Aspiration is an online bank that offers a range of socially and environmentally conscious banking products. Aspiration provides fee-free checking and savings accounts, along with the opportunity to earn cashback on purchases made with its debit card. Additionally, a percentage of the revenue generated by Aspiration is donated to charitable causes.
Features and Benefits
- No monthly maintenance fees
- Fee-free checking and savings accounts
- Cashback rewards on debit card purchases
- Up to 10% cashback at socially conscious businesses
- Carbon offset program for card purchases
- Option to donate part of your cashback to charities
Why Choose Aspiration?
If you are passionate about supporting socially and environmentally conscious initiatives, Aspiration offers a unique opportunity to align your values with your banking choices. With fee-free accounts and the ability to earn cashback at socially conscious businesses, Aspiration combines financial services with social responsibility.
Final Thoughts
When choosing an online bank, it's essential to consider your specific financial needs and priorities. Whether you value excellent customer service, competitive interest rates, or specialized features, there is an online bank that can cater to your preferences. By assessing the features and benefits of each online bank, you can make an informed decision and select the one that best aligns with your financial goals. So, explore the options, compare the benefits, and choose the online bank that fits your needs like a glove.